The end of the calendar year marks a time for retrospection and an opportunity to look forward. For millions of Americans, this includes a closer look at their financial situation. Seniors, in particular, may find it helpful to reconsider their finances and review their insurance protections. With many dependent on a limited budget made up of retirement savings and Social Security benefits, it can be helpful for seniors to make sure they're getting the most value from their money.

One effective way they can do so is by purchasing or boosting their life insurance protections. Despite the conventional wisdom, life insurance can be valuable for account holders of all ages, even seniors. And with 2024 just weeks away, now is a great time to get started with a policy.

Start by getting a free life insurance quote here to learn more.

Why seniors should buy life insurance in 2024

Here are three compelling reasons why seniors should consider buying a life insurance policy next year.

It can provide a nest egg for loved ones

The economy of the recent past has been troublesome for many, and chances are good that your retirement savings and 401k have been hurt. If you find yourself with less savings for beneficiaries than you had anticipated, then a life insurance policy can help fill the gap. 

While it's true that life insurance is less robust for older applicants, it can still be worth purchasing. Eligible seniors can get a policy of $150,000 for less than $100 per month. That's a substantial amount of money for a reasonable premium that you can then leave to loved ones after your death. 

Get a free life insurance price estimate now to see how much a policy could cost you.

It can cover end-of-life expenses

Even if you've done your due diligence and live a financially independent life now, it doesn't mean that you'll be able to leave your loved ones completely debt-free. End-of-life expenses for items like a funeral, wake, coffin and more can add up quickly and can easily hit the five-figure mark. 

Fortunately, life insurance, even in a small amount, can effectively pay for these expenses. And because you won't need a lot to cover it (a $15,000 to $20,000 policy should suffice) you won't get stuck with pricey premiums, either.

You can use it while alive

Life insurance doesn't always need to be something you set and forget. There are types, like whole life insurance, that you can actually withdraw from while you're still alive. This can provide a significant source of income, depending on how long you have the policy and how much you've paid into it. That noted, any money withdrawn will ultimately be deducted from the final payout figure. And it will take time to build up, so if you're a senior looking for a quicker payout, a term policy may be preferable.

Explore your term life insurance options online here.

The bottom line

While each senior's personal financial situation is different, there are some benefits to getting life insurance in the upcoming year. Due to its ability to provide a nest egg for loved ones and cover end-of-life expenses, it can be worth it for many seniors. And, depending on the policy, you may even be able to tap into it as an alternative income source while you're still alive. One thing you should avoid doing, however, is waiting. If you know you need or want life insurance for these reasons or others, it's beneficial to act now. If you wait, premiums could become more expensive and coverage terms may be less favorable. Get started with a life insurance policy for 2024 today.